The Ultimate Project Finance Modeling Package
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Learn to Build a Real-World Project Finance Model Step-By-Step
Complete Project Finance Modeling Training
This course builds up each layer step by step, from how deals are put together to building best practice financial models through advanced analysis using macro powered data tables & scenario managers.
Real World Case Study
Learn by doing - go through a case study to walk through building and optimizing a model from scratch.
Used Widely at Investment Banks, Developers and Funds
This is the same comprehensive training program delivered to some of the world's leading banks, developers and funds.
"As a past M&A advisor and latterly a direct investor I can safely say that this project finance course is the best I’ve ever seen. It's been able to take my team, some with little knowledge of modeling, to a highly competent level in a short period of time."
Jason FrankGroup Director of Data
Analytics, European Tyre
What You Will Learn
Who is This Program For?
This course is designed for professionals (analysts, associates and VPs) and those pursuing the following careers:
What's Included
Boot Module and Case Study
Section 1 of our Project Finance Modeling Program. Learn project finance through the lens of an airp ...
1
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Course TOC
Boot Module and Case Study
Section 1 of our Project Finance Modeling Program. Learn project finance through the lens of an airport. Review the theory of PF, discuss the business case of Heathrow Airport expansion, then dive into the particulars of the project finance model. Go through the case study step by step. Calculate CF ...
Section 1 of our Project Finance Modeling Program. Learn project finance through the lens of an airport. Review the theory of PF, discuss the business case of Heathrow Airport expansion, then dive into the particulars of the project finance model. Go through the case study step by step. Calculate CFADS, tax, debt ratios like DSCR & LLCR, and equity and project returns. Get hands on in the model. Run different cases to optimize the project and meet stakeholders criteria.
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Boot Module and Case Study
1. Section Overview
1:14
2. Course Downloads
Files
3. Project Finance Primer
10:57
4. Case Study Overview
6:02
5. Case Study Timeline and Process
4:52
6. Construction and Operations - calculations
5:37
7. Operations - Cashflow & Metrics
6:13
8. Boot Module Negotiations & Optimizations
7:52
Excel DNA for Modelers
Section 2 of our Project Finance Modeling Package. Learn the DNA of Excel and become a bulletproof f ...
2
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Course TOC
Excel DNA for Modelers
Section 2 of our Project Finance Modeling Package. Learn the DNA of Excel and become a bulletproof financial modeler. Here, we break down the skillset of financial modeling and piece it together step by step with financial modeling best practices layered throughout. You'll learn how formula works an ...
Section 2 of our Project Finance Modeling Package. Learn the DNA of Excel and become a bulletproof financial modeler. Here, we break down the skillset of financial modeling and piece it together step by step with financial modeling best practices layered throughout. You'll learn how formula works and when they break down and the top 50 shortcuts to make you a speed demon. By the end of this course, you’ll get up to 3x quicker at developing robust, transparent financial models.
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Excel DNA for Modelers
1. Welcome to the Course
1:33
2. Course Downloads
Files
3. Section Overview
1:26
4. Course Structure
2:14
5. Putting the Course Content in Context
4:17
6. End Game
15:48
7. End Game - Best Practice Financial Modeling
12:52
8. Navigation and Anchoring
14:57
9. Formula Top Ten Functions
4:03
10. Position Calculated
4:26
11. Position Input
5:09
12. LOOKUP
6:11
13. HLOOKUP
2:43
14. LOOKUP Challenges
4:38
15. INDEX and OFFSET
4:50
16. MATCH
3:56
17. INDEX MATCH
4:21
18. MATCH, INDEX, CHOOSE
5:44
19. OFFSET, SUMPRODUCT
4:37
20. SUMIF, LOOKUP
3:59
21. OFFSET Extended
5:24
22. Call-Ups Summary
0:59
23. Create Flags To Massively Simplify Timing Formula - IF & AND
7:34
24. Create the Timing Strip - EOMONTH & YEAR
5:17
25. Introduction to Expand Your Excel Toolkit
4:44
26. Tools Which Enhance Robustness - Named Ranges & Data Validation
6:29
27. Tools Which Enhance Presentation - Cell Styles, Custom Formats & Conditional Formatting
16:35
28. Introduction to Shortcuts
8:25
29. 5 Shortcuts to NAVIGATE the Model
2:43
30. 17 Shortcuts for BUILDING the Model
8:12
31. 12 Shortcuts for FORMATTING the Model
9:44
32. 7 Shortcuts for CHECKING the Model
7:41
33. 4 Shortcuts for AMENDING the Model
3:07
34. THE ONE Shortcut for AUDITING the Model
2:12
35. 4 Shortcuts for MS Office
1:29
36. Recap - THE TOP 30 SHORTCUTS
0:51
37. Exercises - Honing your Skills with Shortcuts
2:15
38. Summary
0:23
39. Introduction to the Memory Retention Exercises
6:19
40. Memory Retention Exercises 1
6:03
41. Memory Retention Exercises 2
6:07
42. MRE1 Speed Run
1:28
43. MRE2 Speed Run
2:02
Depreciation, Tax & Financial Statements
Section 5 of out Project Finance Modeling Program. This section advances the accounting rigor around ...
3
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Course TOC
Depreciation, Tax & Financial Statements
Section 5 of out Project Finance Modeling Program. This section advances the accounting rigor around a project finance model. Like the other sections, each module begins with the “Why”, giving you the theoretical background, before diving into the “How” – the implementation in the model. Continuing ...
Section 5 of out Project Finance Modeling Program. This section advances the accounting rigor around a project finance model. Like the other sections, each module begins with the “Why”, giving you the theoretical background, before diving into the “How” – the implementation in the model. Continuing from the Blueprint model, pull together the elements to deliver a bankable financial model. Calculate working capital using multiple methodologies, discuss and calculate corporate tax, calculate depreciation using straight line, reducing balance or MACRS methodology, bring together a P&L and Balance sheet. Improve the model robustness by adding checks.
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Depreciation, Tax & Financial Statements
1. Welcome to this Section
1:11
2. Course Downloads
Files
3. Course Overview
2:18
4. Working Capital - Corporate Finance vs Project Finance
1:36
5. Introduction to Working Capital
7:07
6. Debtors & Working Capital Adjustments
6:02
7. Creditors & Working Capital Adjustments
5:34
8. Introduction to the P&L
4:45
9. Modeling the P&L
6:59
10. Introduction & Tax vs Accounting Depreciation
3:23
11. Types of Depreciation
3:05
12. Challenges of Depreciation & Introduction to the Old School Depreciation Table
6:26
13. The Depreciation Setup in The Model
1:56
14. Calculate Maintenance Capex
4:39
15. Depreciation Inputs - Categories & Useful Life
2:44
16. How to Summarize Capex into Additions Categories
12:04
17. Creating Template Account & Depreciation Base
18:38
18. Linking Additions & Depreciation and Reviewing Depreciation
6:00
19. Replicating the Templates, Updating for Tax Depreciation & Summarizing
11:20
20. Introduction to Tax
8:06
21. Calculating Taxable Income & Modeling the Tax Loss Account
8:20
22. Calculating Tax Payable & Tax Paid
4:21
23. Ungeared Tax Calculations for Stripping Out the Capital Structure
2:21
24. Recap of Tax
1:08
25. Introduction to the Balance Sheet
7:12
26. Establishing the Balance Sheet Framework & Linking in Balances
11:24
27. Balance Sheet Checks and Correcting Errors Using Timing & Magnitude
9:26
28. Using the Scalpel Method to Isolate Errors
6:13
29. Correcting Errors to Balance the Balance Sheet
3:53
30. Setting up & Creating Alerts
6:21
31. Creating Warnings, and Using Rounding & Formatting
4:57
32. Setting up the Ribbon for Best Practice Transparency
5:40
33. Extensions - Tax Depreciation - Introduction to MACRS Depreciation
5:01
34. Extensions - Tax Depreciation - MACRS Depreciation in the End Model
21:36
35. Closing
1:26
Blueprint of the Model
Section 3 of our Project Finance Modeling Program. With a wind-farm case study, this course guides y ...
4
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Course TOC
Blueprint of the Model
Section 3 of our Project Finance Modeling Program. With a wind-farm case study, this course guides you in building – from scratch – your very own infrastructure model. Model a greenfield asset, calculate revenue, fixed & variable expenses. Review the relevant parts of a term sheet and model payi ...
Section 3 of our Project Finance Modeling Program. With a wind-farm case study, this course guides you in building – from scratch – your very own infrastructure model. Model a greenfield asset, calculate revenue, fixed & variable expenses. Review the relevant parts of a term sheet and model paying down debt with annuity & sculpted repayment mechanisms, and analyze lender covenants. Bring the model together into a Cashflow Waterfall. Using equity & project returns, DSCR and other outputs, trace the drivers of performance with a scenario manager, and run a debt and equity type process as a window to how stakeholders might view the deal.
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Blueprint of the Model
1. Course Welcome
1:24
2. Course Downloads
Files
3. Course Aims & Structure
2:57
4. Project Finance Mechanics
10:07
5. Types of Project Finance Deals
7:31
6. Timeline of a Project Finance Deal
14:07
7. Introduction to Case Study & the Purpose of a Financial Model
4:19
8. The End Game of Project Finance
9:17
9. Introduction to the Start model
10:51
10. Introduction to Timing & timing sheet setup
11:25
11. Creating the Timing Strip with Dates & Flags
16:27
12. Counters - The Connective Tissue of a Model
9:57
13. Rounding out the Timing Sheet with Escalation & Base Rate Interest
11:03
14. Finishing the Timing Sheet & Copy Sheet
6:45
15. Introduction & Calculating Construction Spend Profile
9:47
16. Creating A Robust Structure for Sources & Uses of Construction Funds
16:35
17. The Cost of Debt - Calculating Interest During Construction and Financing Fees
21:54
18. Introduction to Operations and Reviewing the Inputs
5:28
19. Calculating Revenue of a Wind Farm with Merchant Revenues
14:33
20. Splitting Opex into Fixed and Variable, Escalating Fixed Opex
12:05
21. Grouping, Recap & Explanations
6:08
22. Theory, Critical Line Items, Hierarchy of CFW and Difference Between CFW and CFS
8:00
23. Modeling the CFW in Excel
8:02
24. Intro & Theory of PF Debt - Components of a Term Sheet, Evaluating Debt Tenor & Four Repayment Types
8:14
25. Setup & Modeling the Debt Account
9:20
26. Calculating Interest Expense
6:43
27. Modeling the Annuity Calculation from First Principles
9:12
28. Modeling Debt Sculpting through the Target Ratio
12:37
29. Debt Ratios - Understanding and Calculating the Debt Service Coverage Ratio Pulling out Key Metrics Like Min, Min Date & Avg
18:23
30. Debt Ratios - Understanding and Calculating the Loan Life Coverage Ratio
13:55
31. Putting Equity in Context - Cashflow Available for Equity
2:29
32. Introduction and Calculating Distributions to Equity Holders
9:25
33. Setting up Equity Returns Cashflows
3:16
34. Theory and Calculation of Net Present Value from First Principles and XNPV Function
11:43
35. Theory of IRR and Calculation using XIRR
4:55
36. Calculating Project Returns
7:19
37. Introduction to the Scenario Manager
5:30
38. Setting up the Scenario Manager in Excel to Sensitize Key Model Variables
11:45
39. Creating a Data Table to Simultaneous Output Results for All Cases
15:34
Advanced Debt & Equity
Section 4 of our Project Finance Modeling Program. This section will challenge you to get the most o ...
5
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Course TOC
Advanced Debt & Equity
Section 4 of our Project Finance Modeling Program. This section will challenge you to get the most out of a project finance deal. Using advanced material, it expands on our work in Blueprint and asks questions such as: How does DSCR target or gearing driven debt sizing work? How do I re-profile debt ...
Section 4 of our Project Finance Modeling Program. This section will challenge you to get the most out of a project finance deal. Using advanced material, it expands on our work in Blueprint and asks questions such as: How does DSCR target or gearing driven debt sizing work? How do I re-profile debt to optimize equity returns? How does a model integrate advanced funding features like a DSRA? Go further by adding in sophisticated funding structures, like the option to refinance debt and shareholder loans. Automate debt sizing and the scenario manager to solve the debt case, or run a debt process by evaluating multiple lender terms.
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Advanced Debt & Equity
1. Welcome to the Course
1:27
2. Course Downloads
Files
3. Course Overview
1:34
4. Introduction to the Model
5:46
5. Sculpting & Sizing - Intro
4:57
6. Mini-model I - Setup, Sculpting & Tenor vs Sizing
3:39
7. Mini-model II - Debt Sizing
3:42
8. Mini-model III - Circularities
2:44
9. Mini-model III - Manual Sizing, Bisection Method, Recap
4:06
10. Capital Structure - Macro Sheet & Max Permissible Debt Size
5:26
11. Capital Structure - The Calculated-Applied Structure & Linking
5:16
12. Introduction to Macros
3:23
13. Macro - Recording & Triggering a Macro to Get Started
6:25
14. Getting into VBA & Refining Code
5:31
15. Using the For Loop to Iterate the Macro
5:49
16. Improving Robustness & Using Named Ranges
2:40
17. Using the Do While Loop to Iterate the Macro
2:48
18. Basic Improvements to Speed up the Macro
3:56
19. Recap to Understand the Role of Loops, Using Shortcuts and Speed Improvements
6:28
20. Introduction to the DSRA
4:36
21. Overview of the DSRA - The Logic Behind Additions & Releases of Cash
5:00
22. Setting up the DSRA & Establishing the Target Balance
7:37
23. Funding the DSRA from Sources of Cash
5:38
24. How to Break the Circularity & Creating a DSRA Macro
5:36
25. Funding from Cashflows to Top-Up the DSRA
11:57
26. Release from DSRA in the Event of CFADS Shortfall
4:01
27. Release from DSRA for DSRA in Excess of Target Balance
3:12
28. Review of DSRA, Linking to Financial Statements and Distribution Lock-Up Flag
7:47
29. Introduction - Motivations for Refinancing Debt & Types of Refinancing
2:23
30. Inputs for Refinancing Debt
3:38
31. Timing of Refinancing Debt & Modifying the Senior Debt Structure
2:33
32. Calculating the Refinancing Fee
4:43
33. Calculating the Refinancing Margin & Incorporating it into the Debt Structure
5:02
34. Introduction to Shareholder Loan - Purpose and Order of Repayment
3:25
35. Creating Inputs for the Shareholder Loan and Building an Account
4:48
36. SHL Drawdowns - Integrating the SHL into Funding Sources & Updating the Capital Structure
7:28
37. Calculating SHL Interest CapitaliZed and Interest Paid
4:21
38. Calculating SHL Principal Repayment and Updating Distributions
6:07
39. Updating the CFW - Testing and Recap
3:50
40. Introduction to Automating Debt Sizing & Equity Calculations with Macros
5:25
41. Introducing the Debt Sizing Switch & Scheduling Repayment
5:21
42. Creating a Master Macro to Run All Macro's Once
9:36
43. Testing & Updating Scenario Manager
5:34
44. Setting up the Data Table for a Macro
4:05
45. Writing the Data Table Macro to Run All Cases AND Run Debt Sizing Macros
8:32
46. Performing Debt and Equity Analysis
4:20
47. Re-profiling Debt to Improve Equity Returns
5:37
48. Conclusion
0:56
Bringing It All Together & Model Extensions
Section 6 of our Project Finance Modeling Program. This section brings together everything we’ve lea ...
6
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Course TOC
Bringing It All Together & Model Extensions
Section 6 of our Project Finance Modeling Program. This section brings together everything we’ve learned so far and delivers a complete project finance model. We start to look into ways of extending the model with material such as how to change the construction timeframe from quarterly to monthly pe ...
Section 6 of our Project Finance Modeling Program. This section brings together everything we’ve learned so far and delivers a complete project finance model. We start to look into ways of extending the model with material such as how to change the construction timeframe from quarterly to monthly periodicity in a best practice manner, while keeping operations quarterly.
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Bringing It All Together & Model Extensions
1. Bringing the Models Together
5:12
2. Course Downloads
Files
3. Investigating the DSRA Circularity
5:06
4. Extensions - Adjusting Construction to Monthly
11:41
Get the Project Finance Modeling Certification
Trainees are eligible to take the WSP Project Finance Modeling Certification Exam for 24 months from the date of enrollment. Those who complete the exam and score above 80% will receive the certification. The exam is a challenging 2-hour online examination covering the most difficult concepts covered in the program.
Course Samples
Blueprint of the Project Finance Model Overview
Advanced Debt & Equity Overview
Project Finance Debt
Creating Timing Flags
Pre-Modeling Concepts: Construction & Operation Calculations
Basic Project Finance Modeling Walk Through
Calculating Project Returns
Extensions - Adjusting Construction to Monthly
Project Finance Model Template (Values Only)
"This is a really well designed course. I would recommend this course for both those looking to build their first model as well as experienced modelers looking to take the next step."
Chris GavinSomeva Renewables
Project Finance Modeling Package Highlights
Intuitive, Self-Paced and Comprehensive
Wall Street Prep's Project Finance Modeling Package is intuitive and self-paced. Using a combination of videos, Excel model templates and financial reports, this course teaches students and professionals how to build, analyze, and interpret project finance models in a step-by-step fashion at their own pace. The program utilizes a case study format, as students work along with the instructor using Excel model templates, full case study inputs and term sheet excerpts in order to build comprehensive models the way it's done on the job.
Support Center
Upon enrollment, students gain free and unlimited access to Wall Street Prep's Online Support Center, where they receive answers to questions, free downloads, and important updates from a support staff comprised entirely of experienced former investment bankers.
Private Online Tutoring (Additional Fee Applies)
Want a little extra attention? Live video-chat tutoring is available with experienced project finance professionals (additional fee applies). In addition, your tutoring sessions enable you and your tutor to share models, a virtual whiteboard and any other files via an integrated web and phone platform that enhances the learning experience.
"Great course — detailed but also clear enough to follow. I work in project finance and I’m wishing I had taken this course when I started out!"
Karthik PanickerWestpac Institutional Bank
Learner Feedback
Earn CPE Credits with WSP Online Courses
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